Mitsubishi Logisnext : Financial Results for the 3rd quarter of FY 2020(1.44MB)

Financial Results for the

3rd quarter of FY2020

(FY2020:From April 1, 2020 to March 31, 2021)

Feb. 24, 2021

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1. FY2020 3Q Summary

Economic Market Trends

• The global economy was on a gradual recovery trend, with people, goods, and money finally starting to move, due to China's quick return to normal economic activity, the lifting of lockdowns in Europe and the United States, and deregulation in the Asian region.
• However, the situation is expected to remain unpredictable in the future, as economic recovery measures have been suspended and re-locked down due to the outbreak and re-spreading of the new COVID-19 variants in various countries.
• In the material handling equipment market, while there was a recovery trend in demand for forklift trucks from around September, mainly in Europe and the United States, a recovery trend in Japan was not so strong.

Summary of FY2020 3Q Results

• Although orders received recovered due to the improvement in the economic environment, it didn't fully realize into sales, resulting in a △15.1% YoY decline in sales.
• Operating profit decreased △45.3% YoY (before amortization of goodwill, etc.). Despite continued efforts to reduce labor costs and other fixed costs, it was not enough to offset the decrease in gross profit due to the decline in sales.

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2

2. Financial Highlights

					Unit: Hundred million JPY
Profit and Loss	FY2019 3Q	FY2020 3Q	YOY Change
Statement
Net Sales	3,346.3	2,842.6	△503.7			△15.1％
Operating Profit	140.5	76.9	△63.6			△45.3％
(Before amortization of goodwill, etc.)	（4.2％）	（2.7％）
(Operating profit margin)
Amortization of	72.6	71.6	―			―
Goodwill
Operating Profit	67.9	5.3	△62.7			△92.2％
(Operating profit margin)	（2.0％）	（0.3％）
Ordinary Profit	65.0	4.5	△60.5			△93.1％
(Ordinary profit margin)	（1.9％）	（0.2％）
Profit Attributable to	30.3	△25.6	―			―
Owners of Parent
（0.9％）	（△0.9％）
(Net income margin)
Balance Sheet	FY2019	FY2020 3Q	YOY Change
Total Assets	3,736	3,586	△150	△4.0％
Total Liabilities	3,163	3,052	△112	△3.5％
Net Assets	573	535	△39	△6.8％

FY2019 3Q actual FX rates: USD = JPY108.67, EUR = JPY121.05, CNY = JPY15.60

FY2019 actual FX rates: USD = JPY108.74, EUR = JPY120.82, CNY = JPY15.60

FY2020 3Q actual FX rates: USD = JPY106.12, EUR = JPY122.37, CNY = JPY15.44

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3

Americas

34%

(36%)

FY2020 3Q Sales by Region

3. Business Results by Segment

Net Sale: Although net sales declined, domestic sales are relatively constant, and overseas sales are on a recovery trend as the spread of COVID-19 infection calms down.

Net Sales

Unit:	Domestic Business	Overseas Business
Hundred million JPY
		China
4,000
		3,346		& Asia
				2,843	Europe	5%
3,000					17%	(7%)
			2,023		(17%)	Japan
2,000			1,611		43%
				(40%)

1,000

1,3241,232

0

FY2019-3Q

FY2020-3Q

()=previous year

Operating profit

Unit:

Hundred million JPY

Profit*	150.0
Operating	100.0
50.0
	0.0

1. : Despite efforts to reduce fixed costs in all regions, it was not enough to offset the decrease in gross profit due to the decline in sales.

Domestic Business	Overseas Business	FY2020 3Q Operating Profit by Segment
140.5
			Domestic
89.6	76.9	Overseas	Business
		Business	47.6%
		(36.2%)
	40.2	52.4%
		(63.8%)

50.8	36.5

FY2019-3Q	FY2020-3Q
* Operating Profit before amortization of goodwill, etc.	()=previous year
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4. Sales by Region

Japan		Americas
(Unit: Hundred million JPY)	(Unit: Hundred million JPY)	*Newly consolidated EQD: +9.86 BJPY

1,500	1,323.6	1,231.8	1,400	1,203.7
		1,200			979.3
	434.1
1,000	424.4	1,000		567.5
	800		330.2
500			600
889.4	807.3	400			648.9
		636.1
			200
0			0
	FY2019-3Q	FY2020-3Q		FY2019-3Q	FY2020-3Q
	1Q+2Q	3Q			1Q+2Q	3Q
	Europe		(Unit: Hundred million JPY)	China and Asia
(Unit: Hundred million JPY)

800
600	573.6	475.3
400	191.3
	177.8
200	382.3	297.4
0
	FY2019-3Q	FY2020-3Q
	1Q+2Q	3Q

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300	245.2
250
200	82.3	156.0
150		55.4
100
162.7
50	100.5
0
	FY2019-3Q	FY2020-3Q
	1Q+2Q	3Q
		5